(Bloomberg) -- BNP Paribas SA, France's largest bank, is seeking to raise $800 million from the sale of a stake in First Hawaiian Inc., part of its plan for strengthening capital buffers.
An affiliate of BNP Paribas is selling 25 million First Hawaiian shares, representing 17.9% of the Honolulu-based lender, at $32 a share, the French company said in a statement Wednesday. Underwriters have 30 days to buy an additional 3.75 million shares in a secondary offering. BNP estimates the sale will add about 10 basis points to its common equity Tier 1 ratio, the bank said.
BNP Paribas is going ahead with its plans to reinforce capital through disposals of shares of First Hawaiian, which went public last year. BNP Paribas will hold at least 62 percent of the unit with a 90-day lock-up, it said.
To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net. To contact the editors responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net, Cindy Roberts, Ross Larsen
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
